On May 10, 2011, Indiana Governor Mitch Daniels signed legislation, H.B. 1001 and H.B. 1004, containing numerous tax provisions. These include, for purposes of the income tax, a phased-in corporate tax rate reduction (from 8.5% to 6.5%), a repeal of the net operating loss carryback, and changes to provisions regarding sourcing adjusted gross income derived from certain intangibles. Also importantly, for purposes of the sales and use tax, the limitations period for filing a refund claim is reduced from three years to 18 months for claims based on the predominant use of electrical energy, natural or artificial gas, water, steam, and steam heat by certain businesses (there is a conflict in effective dates for this provision -- click here for more). In addition to these and other income tax and sales and use tax changes, there are multiple property tax and tax administration provisions within these bills.